Current Contract Research Articles

A Framework of Best Practice by Upstream Oil and Gas Contractors in Malaysia

Due to unstable global economic conditions, Malaysia’s oil and gas industry encounters numerous challenges and uncertainties. Consequently, effective contract management has become a critical factor in ensuring the success of oil and gas projects. Projects undertaken by contractors are often exposed to various risks that can hinder project performance, cause financial instability, and lead to disputes, impacting all parties involved. Furthermore, many industrial practitioners overlook this issue and are unaware of the potential serious consequences. Hence, the primary objective of this study is to establish a theoretical framework for best practices in contract management for oil and gas contractors in Malaysia. A survey was conducted using questionnaires and a quantitative correlational research approach that employed a multistage cluster sampling method, targeting Malaysia’s oil and gas contractors. The study aimed to gauge the respondents' level of understanding and assess the effectiveness of their current contract management approaches. The collected data underwent analysis through descriptive methods, Pearson's correlation coefficient, and theoretical integration. The goal was to develop a novel framework comprising six core modules: staff accountability and Key Performance Indicators (KPIs), risk management, tender and award processes, cost management, contract awareness and review, and contractual record-keeping. This framework equipped oil and gas contractors with the tools and practices necessary to navigate the global crisis. The oil and gas sector, particularly contractors, stands to gain substantial benefits from the framework introduced in this study. It is a valuable resource that contractors can leverage to enhance their methodologies, procedures, and contract management tools, enabling them to operate effectively amid the persisting global challenges.

Borrow now, pay even later: A quantitative analysis of student debt payment plans

In the U.S., student debt is currently the second largest component of consumer debt. Households are required to repay these loans early in their lifecycle, when marginal utility is particularly high. We study alternative contracts that offer partial or full payment deferral until later in life. We calibrate an economy with the current contracts, and then solve for counterfactual equilibria. The alternative contracts yield large welfare gains, which are robust to assumptions about the behavior of the lenders and borrower preferences. The gains are similar to those that could come from the debt relief program currently being considered in the U.S., but without its adverse fiscal implications.

THE GIG ECONOMY AND ITS IMPLICATIONS ON CONTRACT LABOR LAWS

This paper analyses the effect of gig economy on contract labour laws. The gig economy has changed the nature of work, placed established employment models to the test, and brought up significant issues about the suitability of current contract labour rules. According to the Unorganised Workers' Social Security Act of 2008, a wage worker, self-employed individual, or someone working from home is referred to as an "unorganised worker." Although gig workers may not be included in this definition, they do fit under the second clause, which defines gig workers as those for whom no labour code defines the term. They are referred to as "platform workers" since their employment is dependent on platforms and they are hired by businesses using digital apps. Rajasthan is the first state in India to develop legislation protecting gig workers and giving them access to sufficient regulatory frameworks to stop exploitation of their freelance. This paper examines several gig economy issues while accounting for the growing demand for platform labour. It also offers a well-thought-out system for harmonious interactions between the aggregator and worker, as well as specific actions to meet these workers' demands. When the COVID-19 pandemic stuck, a large portion of the gig economy flourished since it was useful for delivering food, necessities, and transportation services, which were severely disrupted. The research's focus is restricted to talking about the problems that platform workers—individuals who work for aggregators like Swiggy, Ola, Uber, and so on—face and offering potential fixes.The paper investigates how the gig economy may affect contract labour laws. It does so by looking at the particulars of gig employment, how different jurisdictions have responded to regulations, and the opportunities and problems that may arise in providing gig workers with adequate safeguards. To meet the characteristics of this developing labour market, it also evaluates the necessity of regulatory adjustments. This article clarifies the intricacies of gig labour in India by thoroughly examining the rules governing labour today, such as the Code on Wages, and how they relate to gig workers.

The Philosophy of Contract between Theory and Practice

This study provides a means of understanding Iraqi contract law's effectiveness. The foundation of the contract law mostly dealt with via the verbal interaction (deals and offers) between two different groups of individual (vendors and consumers) with tangible items or their actions. This study will consider the current contracts law used in the state of Iraq by employing models and theories of theory and practice contract law. Their confidence in successful agreement comes from authentications and legitimacy approaches. Additionally, it addresses issues pertaining to contract law in this jurisdiction and will be recognized by the efficacy of contract law in Iraqi nation determine whether Contract Law is useful to the Iraqi nation" is the stated study goal.

‶Don’t Say Neigh, Say Yay”

‶Don’t Say Neigh, Say Yay”

Exploring the potential of the carbon credit program for hedging energy prices in Brazil

The transition to a low-carbon economy is imperative to reduce reliance on fossil fuels and mitigate pollution emissions. This preposition also aligns with the United Nations Sustainable Development Goals (SDGs-13), which highlight the climate change action. In this vein, Brazil has implemented the Decarbonization Credit (CBIOS) program to incentivize biofuel production and promote environmental sustainability through carbon credit emissions. To this end, the present study evaluates the effectiveness of the CBIO contract as a hedging tool for investors in the face of energy price fluctuations and decarbonization efforts. Specifically, we employ conditional dynamic correlation (DCC-GARCH) and optimal hedge ratio (HR) techniques to assess the relationship between CBIO and the futures and spot prices of sugar, oil, and ethanol. Our findings suggest that the current CBIO contract is not an effective hedge against energy spot and future prices. However, our analysis identifies a strengthening correlation between ethanol traded in Chicago and CBIO over time, highlighting the potential for an underlying contract to serve as an effective hedging tool in the future. Our study adds to the existing literature on carbon pricing mechanisms and their impact on financial markets, emphasizing the importance of sustainable energy policies and their potential to mitigate the risks associated with energy price volatility and decarbonization efforts.

КОМПЛЕКСНОЕ ЭКСПЕРТНОЕ ИССЛЕДОВАНИЕ ОБЪЕКТА СТРОИТЕЛЬНОЙ ОТРАСЛИ НА ПРЕДМЕТ ОБЪЕМОВ И СТОИМОСТЕЙ КАЧЕСТВЕННО / НЕКАЧЕСТВЕННО ВЫПОЛНЕННЫХ РАБОТ

This comprehensive expert examination of the facility is based on the results of a construction and technical examination of the volumes and costs of high-quality/low-quality work performed. The purpose of the work was to establish: - the volume of high-quality work performed, taking into account the fact that at the facility, under the current contract, work was performed by other subcontractors for the same types of work; - the volume of poorly performed work; - the cost of high-quality and poorly performed work; - the volume and cost of the material transferred by the customer, for which the contractor has not reported. As a result of the work done, conclusions are drawn: - types and volumes of high-quality work performed, taking into account the fact that at the facility, under the current contract, work was performed by other subcontractors for the same types of work, in accordance with contracts No. SU-0019/P1 dated 05/19/2021 and No. SU-0019/P2 dated 05/19/2021, expert opinion of VKSTE No. 27ST/22-11; - types and volumes of high-quality work performed, in accordance with contracts No. SU-0019/P1 dated 05/19/2021 and No. SU-0019/P2 dated 05/19/2021, expert opinion of VKSTE No. 27ST/22-11; - the cost of high-quality and low-quality work performed in accordance with the contracts: - No. SU-0019/P1 dated 05/19/2021, expert opinion of VKSTE No. 27ST/22-11): high-quality work (accepted works) in the amount of 9,602,937.60 rubles (including 20% VAT); poorly performed works (not accepted works) in the amount of 5,817,418.80 rubles (including VAT 20%). - No. SU-0019/P2 dated 05/19/2021, expert opinion of VKSTE No. 27ST/22-11: high-quality work (accepted works) in the amount of: 83,616,213.60 rubles (including VAT 20%); poorly performed works (not accepted works) in the amount of 4,142,576.40 rubles (including VAT 20%).; - from the submitted set of documents for expert examination, analysis of documents on the production site within the framework of two expert visits, under contracts No. SU-0019/P1 dated 05/19/2021 and No. SU-0019/P2 dated 05/19/2021, the volume and cost of the material transferred by the customer, for which the contractor Mosoblstroykompleks LLC did not report, is 0 rubles 00 kopecks. The material was not transferred by the customer to the contractor.

Некоторые вопросы практики возмещения убытков

A prerequisite for a stable turnover cycle is the possibility of full and fair compensation for losses incurred in connection with the execution of contracts. The idea of damages as a universal legal instrument does not change the relevance throughout the world of the continuous development of the principle of legal regulation, causing the complication of cyclical turnover. However, when applying the requirements for regulating the property status of participants in a circular flow, the measure of liability - penalties, losses and unjust enrichment - continues to raise questions. Using the example of resolving disputes under construction contracts, the authors of this article show that the potential of the protective mechanism for compensation for losses has not been fully disclosed; in particular, it is an effective legal means of bringing the parties into a position of proper fulfillment of the obligation. Purpose. The purpose of this article is to determine the potential for a more complete application of the civil remedy for the recovery of damages. Methodology. Achieving this goal was ensured by the use of general scientific and specific scientific research methods: dialectical, formal-logical, comparative legal, and the method of scientific analysis. Results. When considering the possibility of compensation for losses under a current contract, it is concluded that the main idea of compensation for losses, in addition to compensation for property damage (expenses), is to bring the parties to the contract into a position of proper fulfillment of the obligation. It is this understanding of this protective mechanism that meets the goals of effective protection of the rights of participants in property transactions. Conclusion. Current legislation reflects the universal nature of such a legal remedy as compensation for damages. However, in many cases it continues to be applied by courts with extreme caution. To avoid unjustified narrowing of the use of this protective mechanism in contractual obligations, based on modern trends in the development of law, compensation for damages should be considered as a result of bringing the parties to the position of proper performance of the obligation.

Exploring the use of incentive mechanisms in designer contracts within the construction industry

Complex infrastructure projects need sustainable contract models where all in the chain are paid for the value they deliver.The Norwegian construction industry faces challenges since the most common contracts used provide unfavorable incentives.The purpose of this study is to examine which contracts are used in the industry today, what mechanisms can be implemented to better facilitate the distribution of financial gain and at the same time encourage all stakeholders to work for the greater good of the project. Literature and document studies were performed, and seven interviews were conducted. Findings show that current standard contracts for designers are outdated and not well-suited for modern design practices. The findings show also that incentives related to target price with collaboration elements /partnering, performance, progress, and energy consumption, are most effective in promoting fair financial distribution and encouraging actors to work for the project‘s benefit.

Justification of directions for improving state regulation of innovative investment

The object of this study is the regulatory measures used within the framework of innovation and technology investment support. For the purposes of the study, existing approaches to determining the essence of state regulatory policy in the field of innovative investment were summarized. The existing techniques and procedures for stimulating and supporting innovative investment were studied, their advantages and disadvantages were determined. It was established that the existing systems of support for innovative investment do not fully meet the needs of participants in the innovation process and subjects of technology transfer. The expediency of improving the existing methods of normative consolidation of regulatory policy in the field of innovative investment was substantiated. The general structure of the state policy of innovative investment with its subject and subject composition, as well as forms of innovative investment, is proposed. The expediency of the formation of the state policy of innovative investment as a system of means, techniques, methods of stimulating and limiting the influence of state and local authorities, international institutions on social relations related to the implementation of innovative investment was substantiated. Also, directions for improvement of current international agreements and contracts in the field of innovative relations and acts of national legal systems were formed. The research is aimed at forming general theoretical foundations for improving the regulatory system of innovative investment. The generated research results can be used in the formation of international normative acts, acts of national legislation, and serve as a basis for further scientific research on these issues

Legitimacy of Smart Contracts Written in Encrypted Code on Blockchain Technology Under Current Contract Law: A Comparative Study

Abstract: Using smart contracts as a new technology for online contracting has become the best option today when working in non-trustworthy environments to execute automated irreversible agreements. However, such contracts have issues relating to the language used for expressing the obligations of the involved parties. Additionally, smart contracts have no legal recognition of blockchain as a means of record-keeping for smart contract transactions. Parties engaged in smart contracts face difficulties in terms of incompatibilities with current legal frameworks. The objective of this article is to evaluate the legality of smart contract language and the validity of blockchain as an electronic medium from the perspectives of current laws. This article adopts a qualitative doctrinal legal research approach. The findings indicate that there is a need to enact laws that recognise the language used for smart contracts and the transactions recorded on the blockchain.

Identifying directions for improving means of technology transfer safety regulation

The object of this study is to determine the essence and ways of improving regulatory prohibitions of environmental, industrial man-made safety within the limits of technology transfer. The existing approaches to the definition and normative registration of methods and techniques for the formation of technology safety requirements have been summarized. It was established that the existing approaches to the definition do not fully meet the needs of state regulation and the requirements of technology transfer subjects. The expediency of improving the existing methods of determining the ecological, industrial, and man-made safety of technologies was substantiated. The definition of technology safety at the level of generalized regulatory structures is proposed, which means a ban on introducing into circulation technologies that cause irreparable changes in the environment, carry a threat of causing harm to life or health, or mass property damage as a result of its proper use. The expediency of introducing the specified normative regulatory structure to international treaties and agreements, as well as to regulatory acts of national legislation, was substantiated. Also, directions for improving current international agreements and contracts in the field of technology transfer were formed by introducing into their content requirements regarding environmental, industrial, man-made safety of technologies, as a mandatory condition for their introduction into circulation. The research is aimed at forming general theoretical foundations for improving the system of safety identification criteria in the field of technology transfer. The generated research results can be used in the formation of international normative acts, acts of national legislation, and serve as a basis for further scientific research on these issues.

Are Pay Decisions Based on Pre-Contract Efficiency Necessarily Correct? Evidence From Players Contracts of National Basketball Association

This article explores whether pay decisions based on pre-contract efficiency are necessarily correct. Overcoming methodology problems of previous studies, we use each player’s contract of National Basketball Association (NBA) as an observation. The empirical results show that managers indeed pay their employees according to an evaluation of their pre-contract efficiency. However, the pay decisions are not correct. Relative to the final year of the last contract, employees’ efficiency in the first year of the current contract decreases with increased salary. The reason is that managers put more weight on players’ efficiency in the final year of the last contract than on the average efficiency. Our findings deepen our understanding of the mechanism of compensation contract.

Research on the Architecture of Transactional Smart Contracts Based on Blockchains

At present, smart contracts are designed based on the application field, and their structure and functions are closely related to specific businesses. Even smart contracts within the same field and the same business have different structures and functions due to different developers, resulting in structural confusion, repeated development, and low levels of sharing. In response to this problem, this study conducts a full investigation of smart contracts in various fields, using big data technology to compare and analyze the structures of each contract and extracting the common content of their main bodies to study each feature, as well as to conduct induction and fusion. This study also generally designs a hierarchical structure and formulates structural modules such as transaction rules and the analysis of rights and responsibilities, as well as a reward and punishment mechanism. Data traceability is established, and the overall architectural specification of smart contracts is constructed. Additions, deletions, and improvements are made based on specific application environments to realize the dynamic updates of the architecture of contracts. Experiments show that the architecture of contracts can realize the various functions required in a transaction, solve the problem of the repeated development of current transactional smart contracts, and improve the sharing level.

Making bird numbers count: Would Dutch farmers accept a result-based meadow bird conservation scheme?

Current management contracts under agri-environmental schemes (AES) are often action-based. This means that farmers are reimbursed for the costs incurred when implementing conservation measures but are not paid based on actual improvements in environmental outcomes. In theory, result-based schemes with payments for outcomes can improve the cost and ecological effectiveness of AES. This article analyses farmers' acceptance of a hypothetical meadow bird management scheme that includes payments for results. The tested scheme was developed together with a Dutch farmer collective and resulted in a hybrid scheme including both result-based and action-based elements. In a discrete choice experiment, farmers were offered (1) a bonus payment that depended on the collective's nature conservation success, and (2) an individual bonus payment that rewarded farmers implementing measures that are expected to contribute more to the success of conservation. Results show that the acceptance of the hypothetical hybrid scheme is high (75%). The collective bonus was evaluated positively when the collective bonus on offer was high (€ 1000/farmer), but a latent class analysis indicates that this does not apply uniformly to all farmers.

The Importance of Pre-employment Job Motives in Predicting Voluntary Salesforce Turnover in the Gig Economy

ABSTRACT Purpose Given the considerable visible and hidden costs associated with voluntary job turnover and the fact that independent contract workers (“gig workers”) can change jobs with ease, it is imperative for managers and scholars to understand the reasons why someone joins a company in an effort to hire workers who will stay with the company longer. Method A commercial research panel company, Dynata, was used to collect data from current and former independent contract workers. After a rigorous screening protocol, data were collected retrospectively from 495 current and 456 former direct sellers, since direct selling is one of the oldest forms and largest categories of gig work. A binary logistic regression analysis enabled prediction of voluntary job turnover based on the number of reasons for joining the company. Findings Findings from statistical analysis of the reasons for joining a company showed that the greater the number of reasons given for joining, the greater the likelihood of staying with the company. Additionally, statistically significant differences were observed between the current and former direct sellers for nine of the 12 reasons investigated. Importantly, from a predictive modeling perspective, it was possible to predict whether a direct seller would stay with the company or quit the company based on the number of reasons for joining the company. Implications The research has implications for both theory and practice. Utilizing theoretical underpinnings from organizational and behavioral management literatures, pre- and post-employment variables establish the framework for pursuing a better understanding of pre-employment motives for joining a company. Despite calls for more research on individual differences in joining a company, past research efforts may have been hindered by the failure to explore new approaches, new agendas, and new methodologies. Theoretically, the research shows that there is a need to ensure the inclusion of pre-employment motive constructs in examining the construct of voluntary job turnover. Managerially, the cost of turnover is significant, and this is particularly true for salesforce turnover. Reducing the rate of voluntary salesforce turnover even by a small percentage could (1) lead to greater effectiveness, efficiency, and profitability for companies, (2) result in less time invested in a job for which an individual is not necessarily motivated to pursue successfully long-term, and (3) ensure consistent product and service delivery for customers. Originality Little is known about gig workers, and this research project focuses on one of the original gig workforce cadres, direct selling. Additionally, this research is unique in its approach to collecting data retrospectively from current and former independent contract workers as well as in the predictive abilities offered by the data and subsequent statistical modeling.

“Determination of the legal status of current account contract in light of Jordanian Commercial law provisions.”

This research paper examined the legal status and characteristics of current bank account under Jordanian Commercial law Code number 12 of the year 1966. Despite the contradicting theories established to determine the legal status of the current account, it was found that characterizing it as a loan contract is the most suitable to its status and corresponds with the customary rules of current banking practice. Thus, the theory that deems current account as a loan contract is the most credible theory. It helps maintaining and securing the interests of both sides of the current account contract. The study finds that characterizing current account as a loan contract is consistent with its status and preserves the mutual interest of both parties to the current account (customer and bank).

Conventions' Engineering in the Mobilization Context

The author presents the prerequisites and method of forming a mechanism for constructing socio-economic relations in a system that, due to external threats, is in the process of transition to new conditions’ set. The efficiency of the method is approved by examples from science and technology. When the short-term motive comes to the fore, "mobilization" is necessary. It was found however that the corresponding regulation model cannot rely on well-known conventional structures, "worlds-conventions". From the point of view of methodology, this might be explained by the fact that "mobilization" in its pure form is not an object of either market or industrial convention. This category is more consistent with the household convention, but the potential of such a structure cannot be fully disclosed within the framework of the current social contract in Russia: there is a lack of means to legitimize unplanned losses, additional spending. In addition, it is essential to have a way of thinking corresponding to the mobilization mode in the mental structures of production process participants. According to the author's hypothesis, the "mobilization model" is structured by means of a configurator, whose functions provide for the calculation of balances in interactions between elements of various conventions. Balances are regulated according to principles of open science. And they must be preserved, despite the emergence of scientific and imperious "whirlwinds". Science, institutional studies, first of all, should become a necessary element of this regulator’s construction and "state life". Effective mobilizing readjustment of infrastructures and informal institutions, starting with ensuring semantic sovereignty, can be organized only on a fundamental science basis. Goal-setting is consistent with the ethos of pure science. On its basis, the coordination of interactions of the regulator of the sphere of science and technology with the actors of creative, producing and training sectors of this sphere is to be achieved. An extended version of the set of worlds-agreements is proposed.

HGAT: smart contract vulnerability detection method based on hierarchical graph attention network

With the widespread use of blockchain, more and more smart contracts are being deployed, and their internal logic is getting more and more sophisticated. Due to the large false positive rate and low detection accuracy of most current detection methods, which heavily rely on already established detection criteria, certain smart contracts additionally call for human secondary detection, resulting in low detection efficiency. In this study, we propose HGAT, a hierarchical graph attention network-based detection model, in order to address the aforementioned issues as well as the shortcomings of current smart contract vulnerability detection approaches. First, using Syntax Tree (AST) and Control Flow Graph, the functions in the smart contract are abstracted into code graphs (CFG). Then abstract each node in the code subgraph, extract the node features, utilize the graph attention mechanism GAT, splice the obtained vectors to form the features of each line of statements and use these features to detect smart contracts. To create test data and assess HGAT, we leverage the open-source smart contract vulnerability sample dataset. The findings of the experiment indicate that this method can identify smart contract vulnerabilities more quickly and precisely than other detection techniques.

Electronic procurement as a method to manage trading activities

This study is devoted to the analysis of the main components and structure of e-commerce, the legal principles of e-commerce, the composition of the subjects of commercial relations and the process of e-procurement on electronic trading platforms. The relevance of the work is due to the fact that in the context of digitalization there is a need to improve the principles of developing Internet platforms, adjusting distribution channels and media marketing tools to promote goods and services. The goal is to analyze and predict e-commerce business processes in a complex automated information system. The key players in the Russian electronic market, the factors that led to the positive dynamics of e-commerce in Russia, the system for modernizing the procurement process were identified. As a result of the study, an analysis was made of the ways of interaction between the subjects of commercial relations, the e-procurement process and the procurement process algorithm. The organization of procurement activities begins with an analysis of the activities by the customer, as well as its correlation with the activity plans for the coming period. In the event of a need for the object of procurement, the organizer assesses the possibility of satisfaction without carrying out the procurement procedure (stocks formed under current contracts with suppliers). However, if it is impossible to satisfy the need on its own, the customer notifies the control body in the field of procurement. The author emphasizes that electronic trading platforms are an integrated trade and information space that provides e-commerce entities with a range of necessary electronic services that increase competitiveness and business efficiency, which are a flexible tool for conducting competitive procurement procedures. The final part of the article concludes that e-procurement, as a way of managing external and internal procurement activities, forms a complex structured system by combining information, communication and electronic technologies. A harmonious combination of all economic and social aspects will contribute to building a rational economic system of commercial relations in a «transparent» digital environment.